The Internet of Things is set to explode in the coming years, according to stats from IDC.

The IOT market will grow at an annual compound growth rate of 17 percent between now and 2019, while spending will jump from $698.6 billion in 2015 to $1.3 trillion in 2019.

Interestingly, the Asia-Pacific region is the "clear leader" in IOT spending, accounting for 40 percent of the worldwide total in 2015, followed by North America and Western Europe. But Latin America, Western Europe, and Central and Eastern Europe have the biggest potential for growth over the next five years, IDC says.

The Internet of Things is a term used to define formerly "dumb" devices that are connected to the Internet and made "smart." Companies like Intel, Qualcomm, and Apple are investing heavily in the market, and it's expected that the vast majority of "dumb" devices will go smart in the coming years, from refrigerators to washing machines to jewelry.

For its part, IDC says the IOT will see its strongest growth in the manufacturing and transportation industries, as well as insurance, healthcare, and the consumer markets.

"Manufacturing and transportation are both a good fit for IOT deployments," Vernon Turner, Senior Vice President and IoT Research Fellow at IDC, said in a statement. "Both industries have been connecting their supply chains, products, customers, and even workers for some time now, and really embrace the value of business outcomes."

IDC also pointed to connected vehicles gaining popularity. The company also noted that in North America, in-store marketing efforts could benefit greatly from the IOT, from real-time streams of data from mobile devices and in-store Wi-Fi routers/beacons to video cameras that gain insight into customer behavior.